Taqa swings to profit after record loss in 2016

ABU DHABI, February 8, 2018

Abu Dhabi National Energy Company (Taqa) has registered a Dh171 million ($46.5 million) net profit in 2017 compared to a Dh19 billion ($5.2 billion) loss the previous year, primarily on the back of higher commodity prices that benefitted the oil and gas business, while the power and water business remained steady.

Announcing the preliminary financial results and operational highlights for the full financial year, ending December 31, 2017, Taqa said its total revenues for 2017 surged three per cent to hit Dh16.7 billion over last year.

"Turning to a net profit in 2017 is therefore an impressive and notable achievement. Higher hydrocarbon prices, together with sustained cost efficiencies, benefited our oil and gas business, while the power and water business continued to deliver a robust operational and financial performance," remarked Al Dhaheri.

"The company is focused on optimising returns from all of its global assets, while playing a key role in Abu Dhabi’s economic development by being a major player in the regional utilities sector," he added.-TradeArabia News Service